Markit Expands Loan Business Through Acquisition of FCS from JPMorgan
London, New York, NY and Dallas, TX - Markit, the financial information services company, and JPMorgan today announced that they have agreed to terms under which Markit will acquire J.P. Morgan FCS Corporation (“FCS”). FCS is the leading provider of portfolio and risk management software and services to syndicated loan market participants, including the Wall Street Office family of products.
The combination of FCS and Markit brings together highly complementary data and software services. The combined entity will be the leading provider of independent loan market data and software, currently used by over 400 financial institutions to manage over $1 trillion in assets. This will reinforce Markit’s position in the global credit markets, and enable the firm to develop and deliver innovative solutions to improve operational efficiency and transparency in the loan markets.
Lance Uggla, Chief Executive Officer of Markit, said: “Both FCS and Markit have long and proven track records of building critical infrastructure to support the global loan market, including software and pricing. By bringing together these complementary businesses, our syndicated loan platform will have over 350 loan market specialists, more than 400 institutional relationships and a shared vision for the future of the loan market. This is an exciting development for our employees and customers alike.”
Conrad Kozak, Managing Director and CEO of JPMorgan Investor Services, said: “FCS is an industry leader that has offered key solutions to our clients for many years, and Markit is a service provider that we have worked with extensively and positively. The combination of these two businesses makes sense and creates a strong market player. Meanwhile, JPMorgan will continue to be a leading provider of a comprehensive set of alternative investment and fund administration services to asset managers, hedge funds and private equity funds globally.”
Mark Murray, President of FCS, said: “Our team is focused on innovation and solutions for our clients and the broader leveraged loan market. Wall Street Office software and connectivity with investors, combined with the infrastructure and experience of Markit in the loans space, will allow us to develop new solutions to drive efficiency and facilitate straight-through processing.”
FCS has core operations and an experienced management team based in Dallas, Texas that will join Markit’s management team. Mark Murray, President of FCS, will be appointed Executive Vice President at Markit.
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For more information please contact:
Markit
John Dooley
Vice President, Corporate Communications
Tel: +1 212 205 1310
Email: john.dooley@markit.com
Teresa Chick
Managing Director, Corporate Communications
Tel: +44 20 7260 2094
Email: teresa.chick@markit.com
JPMorgan
Pam Snook
Vice President, Media Relations
Tel: +1 212 552 7195
Email: pamela.v.snook@jpmorgan.com
About Markit
Markit is a financial information services company with more than 700 employees in Europe, North America and Asia. Over 1,000 financial institutions use our independent services to manage risk, improve operational efficiency and meet regulatory requirements. For more information, see www.markit.com
About FCS
J.P. Morgan FCS Corporation is the industry leader in leveraged loan and high-yield solutions. This includes providing comprehensive products and services for portfolio management, administration, reporting, and analysis.
About JPMorgan Investor Services
JPMorgan Investor Services is a premier asset servicing provider that helps institutional investors and alternative asset managers optimize efficiency, mitigate risk and enhance revenue. Part of JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., Investor Services leverages the firm’s unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $15.5 trillion in assets under custody and $4.7 trillion in assets under administration. For more information, go to www.jpmorgan.com/visit/is
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.8 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com